Blackstone expects Anthropic to get junk credit rating after IPO, FT says

Blackstone has lowered its expectations for Anthropic’s credit standing after a proposed stock-market debut, according to the Financial Times. It now expects a speculative-grade rating rather than the investment-grade rating it previously anticipated. If that forecast holds, financing Anthropic’s heavy spending could become harder and more expensive, even after an IPO.

Previously, Blackstone had expected Anthropic to obtain an investment-grade rating before 2027, according to TechCrunch’s account of the FT’s October 30 report.

Blackstone now expects a rating in the BB range after the IPO. That sits at the upper end of speculative-grade credit, commonly called junk.

A financing partner changes its forecast

Blackstone has a direct connection to the spending behind that credit question. It is an anchor investor in a $63 billion transaction to finance Anthropic’s chips, TechCrunch reported. The investors receiving its revised assessment were investors in that deal, rather than simply an audience following Anthropic’s stock-market plans.

Anthropic and Blackstone both declined to comment to TechCrunch.

The stock sale remains proposed

Anthropic filed its Form S-1 registration statement with the SEC on October 26, 2026. Its announcement that day said the proposed offering’s share count and price range had not been determined. The company intends to list its Class A shares on the Nasdaq Global Select Market under ANT.

The filing sets the next formal threshold: the proposed public sale would begin as soon as practicable after the registration statement becomes effective. Its preliminary prospectus says the information remains incomplete and securities cannot be sold before effectiveness. Filing the paperwork therefore advances the offering without completing a share sale.